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Reply to "What's the minimum level of monthly income minus mortgage you'd feel comfortable with?"
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[quote=Anonymous][quote=Anonymous]OP here -- just to get everyone on the same page, if you're tossing out a number, go with take-home pay after mortgage, escrowed property taxes, etc. Literally, "how much money do you need showing up in your bank account each month"[/quote] I think that is confusing everyone - what shows up in our bank acccount each month include the cost to cover our mortgage. We take mortgage out after that point. I have 2 older kids in school, no daycare. Our health insurance comes out before our take home (as does maxing our 401Ks) - take home just under $12K. $4,250 goes to PITI. So after that we have $7,500 left over, which is about the minimum I am comfortable with. It goes towards: 529s - $1300 IRA - $916 Savings - $1000 Utilities - $450 Cell phones - $120 Yearly Expenses Account (kid's activities, camps, car insurance, life insurance, vacation) - $1000 Everthing else - food, clothes, gas, etc. - goes on credit card - Average $2700/month [/quote]
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